Live: Budget 2012 - and CBI reaction
CBI response and analysis of George Osborne's Budget announcements
Press release: Full CBI budget reacton
Videos: CBI leaders have their say
Listen to John Cridland on the BBC's business news podcast
7pm: The CBI director-general, John Cridland, explains why the Chancellor has delivered a 'Budget for confidence' in the CBI video above. And two more CBI leaders give their views on George Osborne's speech in the clips below.
4.40pm: The full CBI reaction is now available here. It includes specific responses to individual elements of Mr Osborne's speech.
2.50pm: The CBI has released its initial response to the budget here.
In it, the CBI director-general, John Cridland, said:
“Family budgets have been under great pressure, and by putting more money in the pockets of ordinary people, the Chancellor has provided a much-needed confidence boost.
“The Chancellor has also painted a clearer vision of how the UK will earn its living in the future and, by seizing the opportunity to make sure our corporate tax system is more internationally competitive, he has sent a powerful signal to companies to invest, do business and create jobs in the UK.
“An extra one per cent off corporation tax this year could make a big difference to investment intentions. Plans to reduce the top rate of tax to 45p by April 2013 will show our top and aspiring talent that this Government wants them to create wealth here.
“With many calls on the Chancellor to spend money he didn’t have, the best news for businesses is that he stuck to his guns and delivered a fiscally neutral programme.
“If businesses were looking for more, it was in the area of deregulation. For smaller businesses, things may not feel very different on the ground. It would have also have been a huge relief if the Chancellor had taken the opportunity to get rid of the currently unworkable Carbon Reduction Commitment.”
2.20pm: The Treasury has created a comprehensive flipbook-style guide to the Budget. Here it is (you will need Flash to view it):
2pm: The CBI's policy experts are examining the Budget announcements and their ramifications for business. We will be posting our responses here as soon as they are available.
1.45pm: Have something to say about what the Budget means for your business? Let us know in our LinkedIn group
1.30pm: Following today's announcement that corporation tax would be cut to 22% by 2014, read the CBI’s recent briefing on the vital contribution that business makes to UK tax receipts.
It points out that ‘Reductions in the UK’s corporation tax rate are needed to maintain competitiveness - at 26%, the UK’s headline rate of corporation tax is still above the OECD average (25.5%).'
12.40pm: We're under way with a "Budget that rewards work" and the Treasury has tweeted that "OBR growth forecasts for UK: this year 0.8%; next year 2%; 2014 2.7%; 3% in 2015 and 2016"
11.45am: The BBC Daily Politics account has tweeted the first picture of Mr Osborne and the famous red briefcase
11.30am: With an hour to go until George Osborne starts speaking, gen up on the history of the Budget on the Treasury site. Did you know the longest Budget speech - delivered by William Gladstone in 1853 - lasted four hours 45 minutes?
10am: The ONS has announced that the UK budget net borrowing - excluding the temporary effects of financial interventions - rose to £15.2 billion in February 2012.
9.30am update: A first media appearance of the day for the CBI's director-general, John Cridland. Mr Cridland appeared on the BBC's Today programme earlier this morning to discuss regional pay for public sector workers.
Mr Cridland, who was talking alongside Chris May, the senior national officer for the Public and Commercial Services Union, said that private sector business were able to set their pay rates according to regional differences.
"It's important that local managers can pay wages that reflect local labour markets," the CBI head said.
The CBI's reaction to today's Budget will appear here as it is released. In the meantime, catch up on the CBI director-general, John Cridland explaining the business group's submission to George Osborne last month in the above video.
Mr Cridland, who said that while the government's top priority is to sort out public finances, there is scope for stimulating private-sector growth in the budget, was speaking on the day that the CBI's letter to the Chancellor was published.